Prime Minister Philip “Brave” Davis.
By LYNAIRE MUNNINGS
Tribune Staff Reporter
lmunnings@tribunemedia.net
PRIME Minister Philip “Brave” Davis said his administration would draw $400m from the $1bn made available by the UK EXIM Bank to develop the Grand Bahama International Airport.
His comment came yesterday during a question-and-answer period at the Caribbean Council Bahamas Investment Promotional Event in London before the coronation of King Charles III.
“The UK EXIM Bank making available to us $1bn to draw down on is a step in the right direction for investments,” he revealed.
“We’re drawing down at least $400m for the redevelopment of the airport in Freeport, Grand Bahama, which will be a green airport.”
Last Month, Deputy Prime Minister Chester Cooper revealed that a $200m Grand Bahama International Airport would be developed, transforming the facility into an international “air cargo hub” for the Caribbean and Latin America.
He said the project’s first phase is slated for completion no later than the first quarter of 2025.
Yesterday, Mr Davis urged investors to invest in The Bahamas’ agriculture sector because food security is among his administration’s key priorities.
He also said the government aims to grow and diversify the economy while actively seeking support from industrialised nations.
“Our fundamental goal is to make life better for the people of The Bahamas. While this ought to be a self-evident truth for every nation, it is sometimes obscured when we seek to attract foreign investment,” he said.
“We invite the money in, without doing our best to make sure that there are genuine contributions to national development. However, my government believes that the potential for private wealth creation, and investment in projects for the wider public benefit, can go hand in hand.”
Comments
BMW 1 year ago
What happened to Troy Mix and CFAL? Look like The rich gonna get richer.
ExposedU2C 1 year ago
Only a fool willing to be parted from their money would want Anthony Ferguson and his Greek master involved in any type of investment.
K4C 1 year ago
Wasn't the estimated cost under $100 million ?
benniesun 1 year ago
On the 22 Apr 2016 the Bahamas (PLP) government signed the Paris agreement ( https://treaties.un.org/Pages/ViewDet...">https://treaties.un.org/Pages/ViewDet... ) which clearly says "emissions need to be reduced by 45% by 2030 and reach net zero by 2050". ( https://www.un.org/en/climatechange/n...">https://www.un.org/en/climatechange/n... ) Establishing an air cargo hub in Freeport would significantly increase emissions, so what are the measures intended to mitigate the air cargo emissions increase? Or, could it be - unbeknown to us - that the Bahamas is now exempt fom complying with reduced emissions. Countries are looking to reduce airplanes and rely more ocean shipping, so how will this $400m be repaid?
rosiepi 1 year ago
Why is this man drawing $400M for the GB airport supposedly being funded through public-private investment? The winning bidder’s figure was $200M, why is this costing so much more than LPIA???
BONEFISH 1 year ago
LPIA redevelopment cost was around 409.5 million dollars. I though the Grand Bahama Airport was be like LPIA. A public private partnership deal. I thought an airport management company will raise funds for it' s redevelopment via bonds or a loan syndicate in the international markets.
stillwaters 1 year ago
Why are they suddenly calling it 'drawdown' now instead of a loan. Any reason?.......I am not even sure what a drawdown is. Is this article talking about a one billion dollar loan? Wording is a bit crafty.
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